PLUM ACQUISITION CORP. IV FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026
PLUM ACQUISITION CORP. IV FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026
PLUM Acquisition Corp. IV, a special purpose acquisition company, reported its financial results for the quarter ended June 30, 2026. The company had a net loss of $1.4 million for the quarter, compared to a net loss of $1.1 million for the same period in 2025. As of June 30, 2026, the company had cash and cash equivalents of $14.4 million, compared to $15.4 million as of December 31, 2025. The company’s total assets were $15.4 million as of June 30, 2026, and its total liabilities were $0.4 million. The company’s Class A ordinary shares, warrants, and units were listed on the Nasdaq Stock Market LLC.
Overview
We are a blank check company formed in 2024 for the purpose of merging with or acquiring a business. Our key activities so far have been preparing for and conducting our initial public offering, and identifying a target company for a business combination. We have not yet engaged in any operations or generated any revenue, and our only income has been from interest earned on the funds held in our trust account.
Proposed Business Combination
On March 8, 2026, we entered into a business combination agreement to merge with Controlled Thermal Resources Holdings Inc. (CTR), a Delaware-based company. This proposed merger is subject to approval by our shareholders and CTR’s stockholders, as well as other customary closing conditions. We have since amended the agreement a few times to extend certain deadlines and make other changes.
Financial Performance
For the three months ended June 30, 2026, we had net income of $577,124, consisting mainly of interest earned on our trust account investments, offset by general and administrative expenses. For the six months ended June 30, 2026, our net income was $1,776,258.
As of June 30, 2026, we had $288,518 in cash for working capital and $184,416,026 held in our trust account. We intend to use the trust account funds to complete the business combination with CTR.
Liquidity and Going Concern
We have incurred significant costs in pursuing our acquisition plans, and as of June 30, 2026 had a working capital deficit of $1,421,716. This, combined with the potential need for additional financing to complete the business combination, raises substantial doubt about our ability to continue as a going concern for the next year.
We may need to obtain additional financing, either by issuing more securities or taking on debt, in order to complete the business combination or meet our obligations if we are required to redeem a significant number of our public shares. Our sponsor has also provided us with a $1.5 million promissory note that can be drawn upon as needed.
Conclusion
In summary, we are a blank check company that has made progress towards completing a business combination with CTR, but continue to face liquidity challenges and uncertainty about our ability to continue as a going concern. The successful completion of the proposed merger, and our ability to secure additional financing if needed, will be critical to our future.